Since independence, the mainstay of Nigeria’s economy has been oil and gas.

The country has relied so much on oil that any slightest jolt in the industry will reverberate through the country’s economic arteries.

The reason is that Nigeria gets about 90 percent of its revenue from oil.

However, the country has neglected its other vast God-given resources buried beneath the ocean.

More than oil, which is fast losing international appeal due to the emerging alternative to oil, the country’s resources in the deep Seabed are a gold mine waiting to be explored and exploited.

Apart from the surface mining activities going on around the country but which were unfortunately not well harnessed, Nigeria, over the years, paid no attention to seabed mining activities which are even more lucrative than oil exploration.

According to the International Seabed Authority(ISA), an intergovernmental United Nations autonomous body charged with overseeing and regulating seabed mining activities, deep Seabed mining can only take place outside the limit of the nautical jurisdiction of a member state, that is, beyond the outer limit of the continental shelf.

With Nigeria’s 200 nautical continental shelf with the latest addition of 16,300 square kilometers granted by the United Nations Commission on the Limits of Continental Shelf (CLCS), Nigeria has the potential for a great economic boom if these opportunities are exploited.

Good enough, the country is among the 167 – member states of ISA which regulates Seabed mining in the area referred to as common heritage.

But sadly, since Nigeria joined the organisation at inception in November 1994, the country has not exploited the benefits of such membership.

The nonchalant attitude of the country was probably because of the fortunes it gets from oil.

Now that the oil revenue is dwindling, the Nigerian government has suddenly woken up to the realization that there is a new opportunity to grow the economy through the exploration and exploitation of the vast resources in the deep Seabed.

To demonstrate its desire to explore and exploit seabed resources, the federal government through the Ministry of Marine and Blue Economy in conjunction with the Nigerian Maritime Administration and Safety Agency (NIMASA) organized a two-day awareness workshop where it sensitized relevant stakeholders.

From September 18th and 19th 2024, in Abuja, the government rallied the support of relevant stakeholders who brainstormed on the benefits and challenges of seabed mining and how Nigeria could leverage the opportunity to grow its economy.

At the sensitization workshop, stakeholders, drawn from the Ministry of Marine and Blue Economy, NIMASA, who are the hosts, the Nigeria Navy, the Ministry of Mines and Steel Development, Nigeria Boundary Commission, environmentalists and the Academia.

The stakeholders were unanimous in their views that seabed mining is an energiser of the economy and encouraged the Nigerian govenment to take the opportunities it offers.

However, they lamented the long-term neglect of the sector by Nigeria.

Beyond the rhetorics of government representatives, other stakeholders reprimanded the government for its inaction in the International Seabed Authority(ISA) and by extension lack of interest in exploring the vast potential of seabed resources.

Dr Maureen Tamuno, the former Permanent Representative of Nigeria to the ISA, was emotional about the dormant membership of Nigeria in ISA.

According to her, Nigeria has always been an onlooker at the different meetings of the ISA at its headquarters in Kingston, Jamaica.

” At the last ISA meeting in July 2024, Nigeria had the largest entourage among the member states to the event but the people didn’t participate in the proceedings because they didn’t understand the concept and objective of the meeting.

She wanted the Nigerian government to ensure that the country participates fully in the organization in order to enjoy the inherent opportunities.

Abba Nurudeen, the Director of Maritime Boundary at the Nigeria Boundary Commission revealed that Nigeria, though a member of ISA, is yet to get the ISA license that will qualify the country to partake in the exploration and exploitation of resources beneath the belly of the sea.

According to him, the country needs $500,000 as a licensing fee to secure the license and a processing fee of $50,000.

Without these, Nigeria will be a mere onlooker while other contractor countries and companies are busy harvesting the resources that are the common heritage.

Under the ISA laws, only licensed contractors can explore and exploit the deep Seabed resources.

Despite the massive coastal endowment of Nigeria spanning over 892 Km from Badagry to Bakassi, with a total shelf area of about 42,000 km2, including a territorial sea extending from the coastline to a breadth of 12 nautical miles, and the continental shelf extending to about 50 miles which make Nigeria one of the eight countries with a continental shelf that allows for the extension of the country’s Exclusive Economic Zone from 200 miles to a further 150 miles, in addition to 4,000km of inland waterways, Nigeria cannot engage in deep seabed mining because if failed to get contract license for such purpose from ISA.

ISA has entered into 15-year contracts with 21 contractors for the exploration of polymetallic nodules, polymetallic sulphides and cobalt-rich ferromanganese crusts in the international seabed area (the Area).

The explored areas are in the Clarion-Clipperton Zone, the Indian Ocean, the Mid-Atlantic Ridge and the Pacific Ocean.For polymetallic nodules, the entitled exploration area allocated to each contractor is 75,000 square kilometres.

For polymetallic sulphides, the entitled exploration area allocated to each contractor is 10,000 square kilometres and consists of 100 blocks. Each block is no greater than 100 square kilometres.

For cobalt-rich ferromanganese crusts, the entitled exploration area allocated to each contractor is 3,000 square kilometres and consists of 150 blocks. Each block is no greater than 20 square kilometres.

This is the opportunity Nigeria is missing by its failure to get the ISA license as a contract 30 years after it joined the UN body.

Both Dr. Tamuno and Mr Abba agreed that Nigeria should collaborate with relevant stakeholders and international bodies as well as pulling resources together to enable the country get ISA license.

According to them, achieving this milestone requires collaboration and advocacy, a position shared by Rear Admiral(rtd) Chukwuemeka Okafor, the immediate Hydrographer of the Nigerian Navy.

The adoption of UNCLOS in 1982 was one of the greatest achievements of the United Nations. One of the Convention’s most important contributions is that it placed more than 50 percent of the seabed under international jurisdiction, beyond the reach of any single State.

If managed effectively, in accordance with the rule of law as set out in the Convention, deep sea mining has the potential to contribute to the economic recovery of Nigeria.

Much as there are enormous benefits inherent in the exploration and exploitation of deep Seabed resources, Nigeria may be faced with an uphill task to maximize these undersea resources.

Apart from being capital intensive, the lack of focus and commitment steeped in tenacity of purpose by the government may hinder the process.

To achieve Nigeria’s quest for using seabed mining as a stimulant for economic recovery, there must be sincere collaboration, and mutual commitment between the Ministry of Marine and Blue Economy, the lead ministry, NIMASA, the Designated Authority for Nigeria membership of ISA and the Ministry of Mines and Steel, including other relevant stakeholders.

Unfortunately, some stakeholders believed that the Ministry of Marine and Blue Economy, which is the country- designate for Nigeria’s membership of ISA, may be overwhelmed by the sheer number of responsibilities thrust on the young ministry.

The Rector, Maritime Academy of Nigeria, Commodore Duja Emmanuel Effedua (Rtd) believed that Nigeria may not see immediate results from the efforts of the federal government to leverage seabed mining through the ministry of Marine and Blue to grow the economy.

According to him, the young ministry is already overburdened with too many tasks and responsibilities within a short time of its creation.

” It will take time for the ministry to deliver, say 4 to 5 years from now.

” I am not a spokesman for the ministry but a lot of work has been heaped on the ministry with so short a time of its creation.

” People have to be patient because the results cannot come immediately” Commodore(rtd) claimed.

He also raised the issue of finance needed to fund the deep Seabed mining activity if Nigeria eventually forays into the sector.

” Nigeria has no required funds to exploit the resources in the seabed. We can only explore because exploiting the resources in the  Seabed is very expensive” MAN Oron Rector disclosed.

However, stakeholders believed that if the government could muster the required political will, funding and international collaboration towards leveraging vast resources beneath the belly of the ocean, then Nigeria would be on its way towards economic rebirth.